Re Tripp, Alan Terence Ex Parte Barnes, John Craven

[1986] FCA 31

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M PF.P.TE:

Trustee

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€he €im@ w%3i €?L@ 6&riEf1ip€ GZ5 hanlCf~QX, namely b n

21st March, 1985, he and Catherine Marie Tripp were registered as proprietors as joint tenants of the property and the land has at

all material times been subject to two registered mortgages.

The first mortgage is to Pyramid Building Society, the

amount secured by the mortgage as at 31st December l085 being

$38,906.88. The second mortgage is in favour of Westpac Banking

Corporation and the amount presently outstanding is approximately

$37,500.00.

The value of the land is approximately $90,000.

There is some dispute as to the enforceability of the debt

to the Bank because there is a contention that the debt is for

money advanced for the purposes of carrying on an illegal

business, namely that of a starting prlce bookmaker and that the

rlebt is not provable. The Bank disputes that contention and the

trustee has been advised that his prospects of success on that

contention, if it should come to litigation, are minimal.

The family of Catherine Marie Tripp has made an offer to

the trustee to purchase the bankrupt's interest in the land for

$12,000.00, upon the following terms:-

(3.)

payment of a deposit of 10% of the purchase price

on signlng contracts with the balance due following

approval of the sale;

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I order that the costs of the trustee of and lncidental to

this application be taxed and paid from the estate	of the
bankrupt.
I certify that this and the h b - u (3)

preceding pages are a true copy	of the
Reasons for Judgment herein of
his Honour Mr Justice Jackson.
Associate: